The loan modification process in Florida may be the answer for you if you purchased a home in Florida near the peak of the real estate market about six years ago. You, like many other borrowers, may have experienced problems building home equity over the past several years. You either have no equity in your property or an “underwater mortgage.”
An underwater or “upside-down” mortgage refers to a situation when the homeowner has negative equity in the home—the person owes more on the loan than the market value of the home.
